Credit Card Minimum Payment Interest Calculator

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This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).
Instructions: Somewhere in your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or £10, whichever is higher. These are the figures you will enter in Column C and Column D respectively.

Card Balance In Pounds

Annual
Interest
Rate (APR)

C
Minimum
Payment
Percent

D
Minimum
Monthly £ Payment

Interest
Charges

Number of
Payments

Total #
of Years

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This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments). If you have a number of credit cards this calculator is really scary.

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